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Forum launches second office venture
18 August 2014
Forum Partners and serviced office provider, Office Space in Town, have launched their second joint venture.
Forum Partners and serviced office provider, Office Space in
Town, have launched their second joint venture. The firms will
acquire commercial office buildings to be converted into
serviced offices in key central London locations.
In recent years, the UK’s serviced office market
has enjoyed robust growth, with London recording near 20%
growth rates and outperforming the country’s other
office markets. London now accounts for over 25% of the entire
UK serviced office sector.
The partners are in discussions regarding two central office
buildings, which are likely to be the venture’s
Forum Partners and Office Space in Town have committed in
excess of £30m ($50m) in the first round of equity and
are in advanced negotiations with blue-chip property and
financial investors for further funding commitments, which
could raise the platform’s equity capacity to
The joint venture’s focus is primarily in
London’s zone one, with a particular emphasis on
the west London, midtown and central areas. The strategy
targets commercial properties in excess of 25,000 square feet
and within a four minute walk of a tube station or rail links.
The joint venture can acquire vacant or soon-to-be vacant
offices, and offices in need of refurbishment.
"We are actively looking to buy office buildings; we have the
funding in place to quickly build a strong portfolio as well as
a strong track record as both operators and investors in the
serviced office sector," said Giles Fuchs, co-founder and CEO
of Office Space in Town.
The properties in the first joint venture, launched in 2012,
consist of three London serviced offices in Liverpool Street,
St Pauls and Waterloo, the latter of which was opened earlier
Andrew Close of Masons Property Advisors City, a serviced
office specialist, acted as property advisor on all previous
purchases and will continue to advise the partnership.